Isgec Subsidiary Faces ₹18.80 Crore Tax Demand for FY24
Isgec's subsidiary, Saraswati Sugar Mills Limited, received an Income Tax order for FY24 with a demand of ₹18.80 Crore. The subsidiary plans to appeal the order, expecting full deletion of the demand.
The tax demand of ₹18.80 Crore is material, but the company's subsidiary is confident of getting it deleted through appeal, which mitigates the potential financial impact.
The company's subsidiary has received a significant tax demand, which is a negative development.
Isgec Heavy Engineering Limited has announced that its wholly-owned subsidiary, Saraswati Sugar Mills Limited, has received an income tax order for Assessment Year 2024-25 (Financial Year 2023-24). The order, dated March 25, 2026, and received on March 26, 2026, involves a demand of ₹18.80 Crore, which includes applicable interest.
The demand arises from the disallowance of certain expenditures under the Income Tax Act, 1961. Saraswati Sugar Mills Limited is preparing to file an appeal before the Commissioner of Income Tax (Appeals) within the stipulated timelines. The subsidiary is confident in its grounds for appeal and expects the entire tax demand to be deleted.
The company has disclosed this information in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Further details are available on the company's website.
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Isgec Heavy Engineering Limited filed this with the NSE as a statutory disclosure, categorised under litigation updates. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by Isgec Heavy Engineering Limited. Read the original for the full detail.